Why parlays are big business for sportsbooks
DraftKings CEO Jason Robins wants to focus on parlays in future. Parlaying is a proposition that combines multiple wagers into one bet. Regulated sportsbooks in the United States make money on such propositions. Nevada sportsbook earned 5.7 cents per dollar on football in 2021, 5 cents on basketball and 4.8 cents for baseball. DraftKings is trying to get smart about parlay strategy. It's important to choose bets that are correlated. A six-leg parLay with odds of -233 has only about 12 percent chance of winning.
